<p>The post <a href="https://coinpedia.org/news/is-bitcoins-dominance-about-to-end-analyst-predicts-altcoin-surge/" rel="noopener noreferrer nofollow">Is Bitcoin’s Dominance About to End? Analyst Predicts Altcoin Surge!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin’s market dominance has been increasing and recently hit its highest point since April 2021, <a href="https://in.tradingview.com/symbols/BTC.D/" target="_blank" rel="noopener noreferrer nofollow">reaching 57.4%</a>. This rise happened as the overall cryptocurrency market faced a downturn. However, well-known crypto analyst EGRAG Crypto believes this upward trend might be slowing.&nbsp;</p>
<p>He thinks Bitcoin’s dominance could be close to its peak, with altcoins starting to perform better. This could mean that a new period of growth for altcoins is coming soon.</p>
<h2 class="wp-block-heading" id="h-bitcoin-surge-or-a-breakdown">Bitcoin Surge or a Breakdown?</h2>
<p>EGRAG Crypto’s analysis is based on observing Bitcoin’s dominance chart, which shows how much of the total cryptocurrency market Bitcoin represents.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> Dominance – The EPIC Fall Awaits! <br><br>If BTC dominance closes above 58% on a monthly basis, it could pave the way for a surge to at least 73%! However, the rising wedge pattern is hinting at a potential breakdown that could breathe life back into the <a href="https://twitter.com/hashtag/ALTS?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ALTS</a>! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> Minimum Target:… <a href="https://t.co/DRa9UER4Yt" rel="noopener noreferrer nofollow">pic.twitter.com/DRa9UER4Yt</a></p>— EGRAG CRYPTO (@egragcrypto) <a href="https://twitter.com/egragcrypto/status/1827989935485321393?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>According to EGRAG, a close above 58% on the monthly chart would be a strong bullish signal, suggesting that <a href="https://coinpedia.org/news/bitcoin-btc-price-poised-for-100k-top-analysts-weigh-in/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin could soon capture</a> an even larger share of the market, potentially reaching dominance levels as high as 73%.</p>
<p>However, EGRAG also highlights a contrasting scenario. The current formation on the chart is a rising wedge pattern, a technical pattern that often indicates a potential bearish reversal.&nbsp;</p>
<p>If this pattern plays out, Bitcoin’s dominance might not continue its upward trend. Instead, it could experience a significant drop. EGRAG points out that this breakdown could lead Bitcoin’s dominance to fall as low as 39%.</p>
<h2 class="wp-block-heading" id="h-what-does-this-mean-for-altcoins">What Does This Mean for Altcoins?</h2>
<p>A decrease in Bitcoin’s dominance could be a <a href="https://coinpedia.org/news/ready-for-altcoin-season-these-meme-coins-are-paving-the-way/" target="_blank" rel="noopener noreferrer nofollow">boom for altcoins</a>, the alternative cryptocurrencies other than Bitcoin. When Bitcoin’s market share decreases, it often indicates that investors are putting more money into altcoins.&nbsp;</p>
<p>Although, the altcoin market has faced tough times recently, but things are starting to look up. Meanwhile, changes in U.S. regulations are making it easier for altcoins to thrive.&nbsp;</p>
<p>Major cryptocurrencies like Ethereum and Solana have received clearer regulatory guidance to follow, also <a href="https://coinpedia.org/news/ripple-news-heres-when-xrp-price-will-hit-new-all-time-highs/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> being labeled as a commodity has lifted some of the burdens that were holding the market back. These positive developments could be the start of a strong altcoin season.</p>
<p>Also Read: <a href="https://coinpedia.org/news/why-was-telegram-ceo-arrested-what-next-for-toncoin-price/" target="_blank" rel="noopener noreferrer nofollow">Why was Telegram CEO Arrested? What Next For Toncoin Price?</a></p>

Is Bitcoin’s Dominance About to End? Analyst Predicts Altcoin Surge!

Table of Contents

CoinPedia News

Other articles published on Aug 26, 2024

Russia to test crypto exchanges for cross-border payments

This Metaverse Altcoin Made a Burn Announcement, Its Price Jumped!

France’s Macron denies Pavel Durov arrest was political

Next Week’s Top 3 Altcoins You Can’t Ignore: Pawfury on the Spotlight

Argentina’s Buenos Aires to Launch Ethereum Curriculum for High School Students

Semler Scientific Bitcoin Investment Continues to Boost With 83 BTC

Join our free newsletter for daily crypto updates!